Asia Bizz: South Korean motor giant Hyundai Motors along with affiliate Kia Motors Corp are preparing to return to the market with new car models. The new models are being planned to take back the market share which was lost to the foreign brands in the first quarter of FY 2012.
Hyundai started taking sales orders of the third generation Santa Fe SUV from March 21, 2012. More than 10,000 orders have already been booked before the SUV will be launched by mid-April.
Kia is also planning to launch the K9 premium sedan on May 2, 2012 and has assured that it will be the biggest and the boldest Kia till date. The model has been created by the Audi/Volkswagen designer Peter Schreyer.
The two new models are the first important launches by domestic companies which have managed to corner the other foreign companies whose market share had reached around 10 percent. An official from Hyundai said that they have been constantly receiving inquiries about the Santa Fe for the past two weeks. The official added that many of the customers were asking about the smart navigation management system and other specifications.
The pricing of the SUV is yet to be announced, but the dealers are expecting an increase of less than 1 million won from the previous model sold at 27 million won.